This page reflects HBM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Jul 2, 2026 close
Max Pain — HBM
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $20.00 (2.59 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$20.00
Nearest expiry
Expected Move
±$2.10
±9.3%
Days to Expiry
15
Calendar days
Total Call OI
22,989
Nearest expiry
Total Put OI
7,968
Nearest expiry
P/C OI Ratio
0.35
Put-heavy
Spot Price
$22.59
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-07-17
Expiration
Max Pain Strike
Last Updated
2026-05-15
$25.00
5/15/2026, 11:14:08 PM
2026-06-18
$25.00
6/18/2026, 11:15:37 PM
2026-07-17NextUpdated
$20.00
7/3/2026, 11:14:02 PM
2026-08-21
$22.50
7/3/2026, 11:14:02 PM
2026-10-16
$25.00
7/3/2026, 11:14:02 PM
2026-11-20
$25.00
7/3/2026, 11:14:02 PM
2027-01-15
$20.00
7/3/2026, 11:14:02 PM
Selected expiration: 2026-07-17 at max pain $20.00.
HBM pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
2.5
0
11613000
11613000
5
750
9621750
9622500
7.5
1750
7630500
7632250
10
3250
5639250
5642500
12.5
228500
3671250
3899750
15
620000
2101750
2721750
17.5
1020500
1144500
2165000
20
1452500
487250
1939750
22.5
2328250
178500
2506750
25
3996500
65000
4061500
30
8858000
500
8858500
35
17844000
0
17844000
40
28713000
0
28713000
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
How traders use it
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
What can break it
Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.
The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.